Jeera Likely To Extend Loss

On Tuesday, NCDEX Jeera futures benchmark January contract closed down 0.84 % at Rs9725, traded in the ranges of Rs9848- Rs9671 per quintal. The open interest for the contract decreased 1.87 % to 5997 contracts as against Monday, indicating long positions liquidation and the volume traded decreased to 3537 lots from 4749 lots as against Monday.

In the daily technical charts, NCDEX Jeera January contract closed below 9 day EMA of Rs9742.70 and far below 50 day EMA of Rs10364 per quintal, indicating short term and long term weakness. Jeera January closed above the 9 day SMA of Rs9716.90 per quintal, supporting the intraday bullishness.

The MACD is flat in the negative zone supporting downward trend. The technical indicator 14 day RSI is at 40.43, indicating that the contract is neither in the over sold or over bought region.

Technically NCDEX Jeera January is having intraday resistances at Rs 9825 and Rs 9925 and supports at Rs 9648 and Rs 9571 per quintal respectively and Rs 9748 per quintal will be crucial price level.

Technically the overall trend is negative so Jeera futures are expected trade with loss in today’s trading sessions .